Limited companies are private. This means that the actions and finances are separate from its owners.
Limited companies are private. This means that the actions and finances are separate from its owners. Limited companies offer the ability to maximise your profits in a tax-effective way, while keeping the risks low.
There are a multiple benefits of setting up a Limited Company. These include tax advantages, dividends, investment opportunities and business loans.
Another benefit is that it allows the owner to keep their personal affairs separate from the company, meaning that the owners liabilities are limited to the amount that they have invested i.e. Money/ Assets. The owner is usually not personally liable for the company debts.
Limited by shares companies are generally businesses that make a profit.
This means that:
The people who run the company are legally separate from it.
The company has separate finances from your personal ones.
The company has shares and shareholders.
After paying tax, shareholders can keep any profits made.
Limited by guarantee companies are generally ‘not for profit’.
This means that:
The people who run the company are legally separate from it.
The company has separate finances from your personal ones.
The company has guarantors and a ‘guaranteed amount’.
Has to invests profits it makes back into the company after paying tax.
Limited Liability Partnerships are generally very similar to standard Limited Companies. The main difference between partnerships and limited companies is that there are no shareholders to dictate or direct the future of the business. The partners have total control of the business and as long as they are in agreement, can shape the future direction of their business. LLP’s will not have directors or shareholders, just members.
Although the partners in an LLP share profits equally they are equally liable for unlimited losses. Generally this will lead to the formation of a limited liability partnership (LLP). A limited liability partnership enjoys the benefit and flexibility of a partnership but restricts its exposure to liability. Limited partners are not liable for the debts and obligations of the firm beyond the amount contributed.
It is important that the LLP have a partnership agreement in place that will set forth the terms of the agreement. Partners in this arrangement are also subject to taxation in line with a sole trader. Each partner must submit a self-assessment and must register with HMRC as self-employed.
Check out our packages and features for Companies. To get an instant quote for the packages click the button below:
Free Initial Consultation
Full set of accounts (Annual Financial Statements)
Preparation & filing of Tax Return
Payroll
Up to 3 employees
Up to 10 employees
Personal Tax Returns - Directors
Up to 1 director
Up to 2 directors
Unlimited
Automated Filing Reminders
Monthly Bookkeeping
Quarterly Bookkeeping
Tax Planning
Free Email & phone support
Quarterly Management Accounts
Monthly Management Accounts
Accounting System Setup/Review
Apps integration
Part-time Finance Director -1 hour/month
Quarterly Business Health Meetings
Company Secretarial
Your dedicated accountant will produce personalized management accounts on a monthly or quarterly basis. The management accounts provide an overview of your expected tax obligations at year-end.
Monthly fixed retainer based solutions. Xero Online and Dext subscription fees (where applicable) are covered in the fixed monthly fees.
Your dedicated bookkeeper will conduct regular tax efficiency reviews, ensuring you’re claiming everything you could be and operating in the most efficient way possible.
Free Initial Consultation
Preparation & filing of Tax Return
Personal Tax Returns - 1 Director
Automated Filing Reminders
Tax Planning
Free Email & phone support
Quarterly Business Health Meetings
Free Initial Consultation
Full set of accounts (Annual Financial Statements)
Preparation & filing of Tax Return
Payroll - Up to 3 employees
Personal Tax Returns - Up to 2 Directors
Automated Filing Reminders
Quarterly Bookkeeping
Tax Planning
Free Email & phone support
Quarterly Management Accounts
Accounting System Setup/Review
Quarterly Business Health Meetings
Free Initial Consultation
Full set of accounts (Annual Financial Statements)
Preparation & filing of Tax Return
Payroll - Up to 10 employees
Personal Tax Returns - Directors - Unlimited
Automated Filing Reminders
Monthly Bookkeeping
Tax Planning
Free Email & phone support
Monthly Management Accounts
Accounting System Setup/Review
Apps integration
Part-time Finance Director -1 hour/month
Quarterly Business Health Meetings
Company Secretarial
Once you have decided what to call your new company, Xenith will verify the name has not already been registered under another company and is available for use.
You will need some personal information for each 'officer' of your new company:
Full name
Nationality
Occupation
Date of birth
Town of birth
Full address
Mother's maiden name
You will also need to decide:
The role or combination of roles each 'officer' will play in the company (director, secretary, shareholder)
the number of shares they will be allocated
No, you do not need to be a UK individual to be a director of a limited company.
Directors are designated to run a business.
Directors are accountable for running a business legally and also attempting to make it effective. They need to comply with business regulations, make choices for the firm's advantage, file documents, and ensure to document precise financial accounts.
Once you have formed a new company the details you provide will be forwarded on to HM Revenue and Customs. HMRC will then generate a UTR or Unique Tax Reference number for your company. You will be notified of this number within 2-4 weeks of the incorporation date. HMRC will write a letter (CT41) to the registered office address of all new companies to ensure their records are accurate on confirmation of which the UTR number can be supplied.
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Fri: 9am – 3pm
Sat - Sun: Closed
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Fri: 9am – 3pm
Sat - Sun: Closed
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